Prosecutors say 60-year-old Janice Edwina Demmitt of Amarillo was convicted of conspiracy to commit money laundering, eight counts of wire fraud and 11 counts of money laundering.
Her son, 33-year-old Timothy Fry, pleaded guilty in July to money laundering. Both face sentencing in October.
Investigators say the insurance agency run by Demmitt, who was convicted Friday in Amarillo, and her son operated that between 2006 and 2009 and sold annuities.
The conspiracy and money laundering convictions carry maximum 20-year prison terms per count. Each wire fraud count could mean a maximum 10 years in prison. Mother and son could also be ordered to repay the scammed investors.